Members of the European Parliament decided to vote in favour of tighter crypto AML regulations. These anti-money laundering reforms will include closer regulation for cryptocurrencies. 574 members voted in favour of this, with only 13 votes against and 60 abstentions, according to an EUP press release.

The press release stated that this is the fifth update to the EU’s anti-money laundering directive, known as ‘5AMLD,’ that is a follow up to the terrorist attacks in Paris and Brussels in 2015 and 2016, and also the Panama Papers leaks.

The new reforms have been created with the intention to strengthen transparency rules so that large-scale concealment of funds can be better prevented. The specific crypto AML regulations will require crypto exchanges and custodian wallet providers to apply greater customer due diligence controls and will also require customers to be registered for the exchanges and wallets.

In addition, the crypto AML regulations will also put pressure on trusts and trading companies to reveal cryptocurrencies holders.